High Court orders Grameen Kalyan to pay 119C in taxes
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The details of verdict to be known when its full text to be released
The High Court on Thursday directed that Grameen Kalyan, a nonprofitable and charitable company established by Nobel Laureate Dr Muhammad Yunus, to pay Tk119 core as income tax to the National Board of Revenue (NBR) for seven fiscal years since 2011-2012.
The High Court bench of Justice Muhammad Khurshid Alam Sarkar and Justice Sardar Md Rashed Jahangir passed the order after holding a hearing on seven income tax reference applications filed by Grameen Kalyan.
The applications were filed challenging the legality of the claims made by the government as income tax from the company for the fiscal years.
The details of the HC verdict will be known when its full text will be released.
Assistant Attorney General Tahmina Poly said that the NBR claimed Tk555.94 crore as income tax from Grameen Kalyan for the fiscal years of 2011-2012 to 2016-2017.
Grameen Kalyan paid Tk436.65 crore as the income tax and it has to pay the rest Tk119.29 crore as the income tax to the state following the verdict, said the assistant attorney general.
The deputy commissioner of Taxes will issue a notice with a time limit to Grameen Kalyan for the payment of due income tax, she said.
Meanwhile, Grameen Kalyan's lawyer Sarder Jinnat Ali told reporters that the court HC has rejected the income tax reference applications filed by his client.
Grameen Kalyan will now decide whether it will move any appeal before the Appellate Division of the Supreme Court, said the lawyer.